upGrad is an education and professional-skilling company that helps students, working professionals and businesses develop new skills. Its platform offers online degrees, executive programs, professional certifications, boot camps, study-abroad support and corporate training.
Unlike a traditional university, upGrad generally does not award academic degrees itself. It works with universities, educational institutions and industry partners to design, market and deliver programs. The participating university remains responsible for admission requirements and awarding the degree or diploma.
upGrad mainly makes money by charging learners for courses and receiving fees under its university partnerships. Corporate training, study-abroad services, offline learning centres and recruitment solutions provide additional income.
upGrad Company Quick Overview
| Particular | Details |
| Brand name | upGrad |
| Legal entity | upGrad Education Private Limited |
| Founded | 2015 |
| Founders | Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli |
| Headquarters | Mumbai, Maharashtra |
| Chairperson | Ronnie Screwvala |
| Industry | Higher education, professional skilling and EdTech |
| Core business model | Paid education programs and university partnerships |
| Main customers | Students, working professionals and companies |
| Major offerings | Degrees, certifications, boot camps, study-abroad and corporate training |
| Global learner reach | More than 10 million learners |
| Course portfolio | More than 200 courses |
| FY2025 gross revenue | ₹1,943 crore |
| Q: | ₹1,650 crore |
upGrad began operations in 2015 with an entrepreneurship program. It later expanded into online degrees, professional certifications, study-abroad pathways, recruitment and corporate training. The company says it has reached more than 10 million learners globally and offers over 200 courses.
What Is the upGrad Business Model?
upGrad follows a diversified education-services model combining business-to-consumer and business-to-business operations.
Individual learners pay for degree programs, certifications, boot camps and career-oriented courses. Companies pay upGrad to train employees, assess skills and develop leadership or technical capabilities.
The company works with Indian and international universities to make their programs available to a wider audience. upGrad provides services such as technology, course delivery, student support, marketing, counselling and career assistance.
Its terms clarify that upGrad is an education service provider rather than a university. Degrees and academic credits are granted by the relevant educational institution, subject to its rules.
How Does upGrad Make Money?
1. Fees from Online Degree Programs
Online degree and diploma programs are among upGrad’s most important products. The company works with universities to offer programs such as MBAs, master’s degrees, bachelor’s degrees and doctorates.
Learners pay a program fee that may cover recorded lessons, live classes, assignments, examinations, student support and access to the university’s academic resources.
The money may be divided between upGrad and the university according to their agreement. The university provides academic approval and awards the qualification, while upGrad may handle technology, marketing, enrolment support and parts of the learning experience.
Long-duration degree programs can generate substantial revenue because their fees are generally higher than those of short online courses.
2. Professional Certifications and Boot Camps
upGrad sells shorter professional courses in areas such as artificial intelligence, data science, software development, digital marketing, management, finance and cybersecurity.
These programs are designed for learners who want to gain job-related skills without completing a full academic degree. They may include live instruction, recorded lessons, projects, assessments and certificates.
Course fees vary according to the subject, duration, institution and level of support. Premium programs with live faculty, mentoring and career assistance generally cost more than self-paced courses.
The company benefits because the same digital content can be delivered to many students across different locations.
3. University Partnership Revenue
Universities may use upGrad to reach learners outside their usual geographical markets. upGrad supports these institutions with digital infrastructure, student recruitment, course operations and learner services.
The commercial structure can vary. upGrad may receive a share of student fees, a fixed service payment or a combination of different charges.
Its university partnerships cover online programs as well as study-abroad pathways. The company works with educational institutions across several countries and subject areas.
This model helps universities expand online without building every marketing, technology and support function independently.
4. Corporate Training and Enterprise Programs
upGrad provides employee-training services to companies. Businesses may purchase customised programs in leadership, artificial intelligence, data, technology, cybersecurity, sales and other professional areas.
A company may pay according to the number of employees, program duration, level of customisation and technology required. Some contracts may cover a single workshop, while others involve long-term workforce transformation.
upGrad’s enterprise platform offers certifications, learning programs, skill assessments, AI-supported coaching and performance analytics.
Corporate contracts can be attractive because one agreement may cover hundreds or thousands of employees. Repeat business can also reduce the cost of finding new customers.
5. Study-Abroad Services
upGrad Study Abroad helps students research overseas universities, apply for courses and prepare for international education.
Its services may include counselling, application assistance, profile evaluation, visa guidance, test preparation, scholarships and education-loan support. The company also offers pathway programs in which students complete part of their education online before moving to a foreign university.
upGrad can earn through student fees and commercial arrangements with educational institutions or service partners. Its study-abroad platform lists partnerships and pathways covering universities in countries such as the United States, Germany and the United Kingdom.
The company must clearly separate paid counselling from academic admission because the final admission decision belongs to the university.
6. Offline and Hybrid Learning Centres
Although upGrad began as an online education company, it now operates offline learning-support centres in different Indian cities.
Students can attend classroom sessions, interact with instructors, complete practical projects and receive in-person career guidance. The centres may offer courses in data science, artificial intelligence, digital marketing and software development.
Offline programs generate income through course fees. They can attract students who find it difficult to remain consistent in a completely online program.
However, physical centres also increase costs because upGrad must pay for rent, classrooms, equipment, faculty and local employees. Its centres combine classroom learning with digital resources and project-based practice.
7. Recruitment and Staffing Services
upGrad has expanded into recruitment and career-mobility services. Its recruitment operations help companies find candidates for technology, data, finance and other professional roles.
Employers may pay recruitment fees when suitable candidates are identified or hired. The exact charge can depend on the position, salary, contract and level of support required.
The recruitment business complements upGrad’s education platform. Learners develop skills through its courses, while employers use its talent network to identify candidates.
upGrad also provides career support through hiring events, job portals, interview preparation and employer connections.
8. Career Services and Premium Support
Some programs include basic career guidance, while others may offer advanced support such as résumé reviews, mock interviews, personal mentoring and job-search assistance.
The price of these services may be included in the full course fee or offered through a premium program.
Career support makes a course more attractive to professionals who are studying primarily to obtain a better job or promotion. However, enrolment does not guarantee employment, salary growth or a particular career outcome.
Major Costs in the upGrad Business Model
upGrad’s major expenses include employee salaries, faculty payments, technology, cloud infrastructure, marketing and learner support.
The company must also pay university partners, content creators, counsellors and recruitment employees. Study-abroad services require admissions teams and international partnerships, while offline centres add rent and classroom expenses.
Advertising is another major cost because education platforms compete heavily for students. upGrad must attract enough learners to recover its sales and marketing expenses without depending on unsustainable discounts.
Latest Financial Performance
upGrad reported gross revenue of ₹1,943 crore in FY2024–25. After accounting adjustments under Indian Accounting Standards, total income stood at ₹1,650 crore.
The company recorded an EBITDA profit of ₹15 crore, compared with an EBITDA loss of ₹285 crore in the previous financial year. Excluding one-time costs, EBITDA profit was ₹38 crore.
Its net loss reduced by approximately 51%, from ₹560 crore in FY2024 to ₹274 crore in FY2025. The company also had ₹556 crore in collected but unrecognised revenue that was expected to be recognised in future periods as programs were delivered.
These are the latest detailed financial figures publicly reported by upGrad. Complete FY2025–26 results were not publicly available at the time of writing.
Why the upGrad Business Model Can Work
upGrad serves learners at several career stages. A person may begin with a short certification, later complete an MBA and eventually join an executive or leadership program.
Digital education allows the company to reach learners in different countries without building a traditional campus for every market.
University partnerships strengthen the credibility of its programs, while enterprise training and recruitment reduce its dependence on individual student fees alone.
Challenges Facing upGrad
The online education market is highly competitive. Learners can choose from universities, specialist training companies and low-cost course platforms.
The company must also manage student expectations. Some learners may assume that purchasing an expensive program guarantees a job, promotion or overseas admission.
Maintaining teaching quality across many universities, countries and course formats is another challenge. upGrad must balance rapid expansion with accurate counselling, strong student support and reasonable customer-acquisition costs.
Conclusion
upGrad makes money mainly through fees from online degrees, professional certifications and boot camps. University partnerships, corporate training, study-abroad services, offline learning centres and recruitment solutions provide additional revenue.
Its model works by combining education technology with recognised institutions and career-focused services. Future success will depend on improving profitability while maintaining course quality, transparent counselling and meaningful learner outcomes.
FAQs
Q: Does upGrad award its own university degrees?
A: Generally, no. The participating university or educational institution awards the degree. upGrad provides educational, technology and student-support services.
Q: Can learners pay upGrad course fees through EMI?
A: EMI or financing options may be available for selected programs. Learners should check the interest rate, processing charges and total repayment amount before choosing a financing plan.
Q: Are all upGrad courses recognised qualifications?
A: No. Some programs provide university degrees or diplomas, while others provide professional or completion certificates. Learners should verify the awarding institution and type of credential before enrolling.
Q: Does upGrad guarantee admission to an overseas university?
A: No. Admission decisions are made by the university according to its academic and eligibility requirements. Counselling or application support does not guarantee admission or a visa.
Q: Why are some upGrad courses more expensive than ordinary online videos?
A: Higher-priced programs may include university credentials, live classes, mentoring, assessments, projects and career services. Learners should compare the complete program benefits rather than only the course duration.
